Market Trading Guide: Union Bank among 6 stock recommendations for Thursday
, ETMarkets.com|
Both Sensex and Nifty also touched a fresh new 52-week high in intra-day trade.
"The Nifty has been consolidating for the last few days after a swing high breakout on the daily timeframe. However, no classic reversal pattern has formed. The short-term moving average is sitting well below the current index value, suggesting an ongoing uptrend. The trend looks positive till it holds above 18250. On the higher end, immediate resistance is visible at 18,440-18,450; above 18,450, the Nifty is expected to move towards 18,600-18,650," Rupak De, Senior Technical Analyst at LKP Securities, said.
Here are 6 stock recommendations for Thursday:
iStock
Stop Loss: 610
Tejas Network is seen retesting a channel breakout on the weekly timeframe after the breakout, with above average volumes and RSI on the daily time frame showing positive divergence, which can be used as a confluence towards the bullish view. The 200 ema is at Rs 527, and the stock is comfortably sustaining above it, which is a positive sign.
(Vishal Wagh, Research Head, Bonanza Portfolio)
ETMarkets.com
Stop Loss: 399
The stock is seen retesting an inverted head and shoulder pattern after the breakout and is also taking support at an upwards-sloping trendline on the daily timeframe from the last six months with above-average volumes. The super trend is also indicating a continuation of the bullish trend, which can be used as a confluence towards the bullish view. The 200 ema is at around Rs 352, and the stock is seen to be comfortably trading above it.
(Vishal Wagh, Research Head, Bonanza Portfolio)
iStock
Stop Loss: Rs 154
The stock is on the verge of a major range breakout above the Rs 165 mark. However, on the line chart, the breakout is confirmed and resembles a bullish Cup & Handle pattern.
(Mehul Kothari, AVP-Technical Research, Anand Rathi)
ETtech
Stop Loss: Rs 50
Many railway-related stocks have been in the limelight for the past few trading sessions. Out of them, Texrail just confirmed a range breakout. The price action was supported by exceptional volumes.
(Mehul Kothari, AVP-Technical Research, Anand Rathi)
Agencies
Stop Loss: Rs 61
The stock has been moving higher post a rounding bottom pattern breakout on the daily chart. The recent rise in the price was backed by a surge in volume, suggesting improved participation. The 50-DMA (48.86) and 200-DMA (41.77) are in the "golden crossover". Over the short term, the stock may continue to move higher.
(Rupak De, Senior Technical Analyst at LKP Securities)
Agencies
Stop Loss: Rs 774
The stock moved up after forming a double bottom on the daily chart. Besides, the price has moved up above 50EMA, confirming the uptrend. A positive divergence is visible in the RSI (14). Over the short term, the stock may continue to move higher.
(Rupak De, Senior Technical Analyst at LKP Securities)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Agencies
